Canadian Billionaire Eyes Ottawa Senators

Published 6:00 pm, Thursday, February 27, 2003

Melnyk reconfirmed his interest in the near-bankrupt club Thursday after Rob Bryden's bid to repurchase the team collapsed when his main investor pulled out of the deal.

On Friday, Melnyk said he wants a sales process completed quickly.

Melnyk has advisers prepared to begin the review process to assess the financial and operating information of the organization provided by PriceWaterhouseCoopers, the Senators' court-appointed monitor under its bankruptcy protection agreement.

"I am looking forward to learning from the monitor how the process will be managed from this point forward," Melnyk said in a statement. "I am hopeful that this sale process will occur as quickly as possible because I think Ottawa fans and the team need to put these financial issues behind them and establish fiscal and ownership stability."

Melnyk, chairman of Mississauga, Ont.-based pharmaceutical giant Biovail Corp. and owner of Toronto's St. Michael's Majors of the Ontario Hockey League, had hoped to make an offer for the Senators in early February. He never got a chance to make a bid after creditors of the team agreed to conditionally accept Bryden's proposal.

Melnyk is said to be ready to make a $130-million offer for the team. He told The Canadian Press earlier this month that he could bring Ottawa a potential "dynasty" if he was the club's owner.

"I want to reassure Senators fans and the Ottawa community that in the event my bid is accepted I am absolutely committed to keep this franchise in the city of Ottawa," he said.

It is not known if there are any other bidders for the Senators.

Bryden, who for now will remain chairman of the Senators and still owns the Corel Centre through a separate company called Palladium Corp., said Thursday he does not intend to make another bid.